Korean company will starts to produce gold alloys in Saudi Arabia

Goldman Sachs is expected to continue the falling of gold prices until 2014

According to news reports, on Wednesday, that the company of “Hanwha Angenaering & Construction Corp.” South Korean Construction won a contract worth $ 270 million, to establish a factory for the production of gold alloys in Saudi Arabia.

According to the contract signed by the South Korean company with “metal” Saudi state-owned, the “Hanwha Angenaering & Construction Corp.” will construct facilities needed, along with a research center and an apartment complex, about 450 kilometers southwest of the capital Riyadh, Saudi Arabia.

The project implementation period is two years, and up its production capacity to about two million tons of ore annually.

Khaled Almdevr, CEO of metals, announced last month that the processing of gold held by the company will produce about 180 thousand ounces per year, which is part of the program the company to develop new facilities for the production of gold in mid-western Saudi Arabia, which contain large quantities of gold ore .